Declining for the third straight session, gold prices tumbled Rs 200 to Rs 29,150 per 10 grams at the bullion market today on weak global cues and slump in demand from local jewellers.

Traders said apart from a weak trend overseas, with investors awaiting the outcome of the US Federal Reserve’s policy meeting. (Reuters)

Declining for the third straight session, gold prices tumbled Rs 200 to Rs 29,150 per 10 grams at the bullion market today on weak global cues and slump in demand from local jewellers. Silver also cracked below the Rs 40,000-mark by falling Rs 500 to Rs 39,500 per kg on reduced offtake by industrial units and coin makers.

Traders said apart from a weak trend overseas, with investors awaiting the outcome of the US Federal Reserve’s policy meeting, fall in demand from local jewellers and retailers at the domestic spot market mainly kept pressure on gold prices.

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Globally, gold fell 0.26 per cent to $1,253.60 an ounce and silver slipped 0.36 per cent to $16.75 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 200 each to Rs 29,150 and Rs 29,000 per 10 grams, respectively. The precious metal had lost Rs 200 in the previous two sessions.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. Tracking gold, silver ready dropped by Rs 500 to Rs 39,500 per kg while weekly-based delivery fell by Rs 135 to Rs 38,750 per kg.Silver coins too plummeted by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.